Top 5 Extended Car Warranty Companies - The best extended car warranty companies are Carchex and autopom!, based on an analysis of 11 major carriers. These extended warranty companies are ranked highest due to a combination of low prices, diverse coverage options, and strong ratings from industry watchers.
An extended car warranty is a vehicle service contract that pays to repair key mechanical components of the vehicle, including the transmission and engine. In addition to repair coverage, many extended warranty providers offer benefits such as towing services, rental car coverage, and travel insurance. You can purchase an extended warranty directly from your vehicle manufacturer or from a third-party supplier.
Top 5 Extended Car Warranty Companies
The best extended car warranty company is Carchex because it offers five levels of coverage, with a variety of policy options ranging from 12 to 84 months. In addition to the specific parts covered by each plan, all Carchex extended warranties include additional benefits such as 24-hour roadside assistance, towing, rental car reimbursement and trip interruption services.
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The Carchex warranty is written and financially backed by American Auto Shield, Royal Administrative Services and Loyalty Administrator, making it safer than many other options on the market.
Autopom! offers four plan categories for drivers to choose from and each category offers multiple contract options with different providers. The exclusions plan covers every part of the car with only a few exceptions, while the basic drivetrain cover includes cover for power door/window locks. Autopom! the contract also includes additional benefits such as tire protection and car rental assistance.
Each of the four plans Endurance offers is designed to meet a driver's specific needs, whether they're looking for vehicle coverage up to 150,000 miles or looking for the closest option to manufacturer-level coverage.
Additionally, all Endurance guarantees are financially guaranteed by AmTrust Financial Services, meaning all approved claims are guaranteed to be paid if Endurance fails. However, despite highly competitive coverage options, Endurance earned only a "C" rating from the Better Business Bureau based on its reliability and performance as a company.
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Toco's warranty offers three coverage options that are sold based on the vehicle's age and mileage. The Yellow and Orange plans offer the most comprehensive coverage, including coverage for high-tech systems and vehicle suspension. Even the basic blue design includes additional systems such as air conditioning as well.
Toco has earned an "A+" rating from the Better Business Bureau and its policies are backed by AmTrust Financial Services.
Omegaonly offers three packages, based on the age and mileage of the car, and the prices are slightly above average. However, their coverage is quite extensive compared to some competitors and they offer benefits such as towing, roadside assistance, car rental compensation and maintenance. It's also a reputable company, having received an 'A+' rating from the Better Business Bureau.
Infiniteonly offers three plans, although its most basic policy is slightly more comprehensive than the cheaper policies offered by some of its competitors. In addition, the Infinite Prime program offers unique high-tech coverage that includes features such as automatic temperature control and electric window motors.
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The company has a commendable "B+" rating from the Better Business Bureau. However, the program does not have any additional financial support, so if the company fails financially, claims are not guaranteed to be paid.
Concord's exclusive warranty program isn't unique compared to its main competitors, but Concord still offers enough coverage to be considered a good choice. The company has also received high marks for its customer service and all its plans include 24-hour roadside assistance, gas delivery and trip interruption cover.
However, unlike other reputable warranty providers, Concord is not financially backed by an outside company, so the policy has no additional safety net in the event of the company's failure.
CarShield's extended warranty is great for drivers who want short-term protection. Unlike other extended car warranty providers, CarShield offers month-to-month extended warranty coverage for just $99 per month.
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However, drivers should be careful before purchasing an extended warranty from CarShield. According to the Better Business Bureau, there is a pattern of customer complaints citing poor customer service and failure to cover repairs, among other things.
You should get quotes from at least three different extended warranty providers before buying a plan, just like you would if you were shopping for auto insurance. Given how many reputable companies there are on the market, you should be able to find a policy that meets your needs and fits your budget.
In addition to a good price, you should look for a reliable extended warranty provider with a strong track record of customer service. One of the best ways to do this is to check the company's rating with the Better Business Bureau, which bases its rating on factors such as customer complaints and the company's trustworthiness.
If you're struggling to find affordable comprehensive car insurance, you should consider buying mechanical breakdown insurance (MBI). MBI is a type of insurance offered by many major companies that provides coverage similar to an extended warranty. However, MBI is much more affordable, costing only about $100 per year.
Integrity Extended Warranties
The editors identified the best extended car warranty companies by comparing 11 major providers based on the following factors:
Companies earn a maximum of 5 points for each category. The editors then rank the companies with overall points to determine the most popular extended car warranty companies.
An extended car warranty is worth it if drivers don't have enough savings to pay for vehicle system repairs or are concerned about their car's reliability. However, for many drivers, extended car warranties are not used, so the potential benefits are not enough to justify the initial cost.
A good time to consider the value of an extended warranty is when the manufacturer's warranty for your vehicle has expired or is about to expire. This usually happens after three years or 36,000 miles, whichever comes first. If you intend to keep your car beyond the manufacturer's warranty, then purchasing an extended warranty can give you peace of mind going forward.
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An extended warranty may also be worth it if you're concerned about your ability to pay for major mechanical repairs in the future. Auto repairs cost about $400 on average, which is less than the average $1,500 for an extended warranty. On the other hand, more unusual and catastrophic mechanical failures can often cost several thousand dollars to repair.
If your car is not very reliable and you are not in a financial position to risk either paying for repairs or replacing the car yourself, it may be worth paying the higher upfront cost for coverage through an extended warranty.
Keep in mind that you don't need to buy an extended warranty when you buy your car. It's probably a smart move for you to wait until the manufacturer's warranty expires to evaluate your situation and determine if you want to pay for an extended warranty. To learn more, check out our guide to the best extended car warranties.
An extended car warranty costs about $1,500. The exact cost of an extended car warranty depends on several factors, such as the condition of the car, the mileage of the car and the amount of coverage included in the warranty.
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An extended car warranty pays for repairs to the car's major systems if they don't work. If you drive an older car or a car with higher mileage, your warranty will be more expensive because your car is more likely to have mechanical problems. Likewise, the more coverage you include in your warranty, the more you'll pay.
If you want to buy an extended warranty for your car, you should get quotes from several sources to get the best price. You can buy an extended warranty from your car manufacturer or from a third-party company, and the price is generally the same between the two. However, customer satisfaction tends to be higher for manufacturers' warranties.
Many insurance companies also offer an alternative to extended warranty called mechanical breakdown insurance (MBI). MBI provides similar coverage and costs only about $100 a year.
No, CarShield is not a scam or scam, but a below average company. CarShield is a legitimate company that has been providing vehicle service contracts for over 16 years and has earned a rating of 4/5 from user reviews on , however they have a history of complaints reported to the Better Business Bureau.
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CarShield offers a vehicle service contract - better known as an extended warranty - designed to cover car repair costs arising from mechanical problems. They offer several different plans, with prices starting at $99 per month. On the other hand, many mechanical problems can cost thousands to repair. For example, transmission repairs can range from $300 to over $1,500.
Most other extended warranties require a long-term commitment. For example, Carchex contracts range from 12 months to 84 months. So, if you're looking for short-term coverage, the monthly CarShield option may be right for you. Just make sure you understand everything their plans do and don't cover before you make a decision.
Given the many complaints against them through the BBB, you may find this the best option
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